Google's core business — which encompasses search, YouTube, and Android — will be a wholly owned subsidiary of Alphabet, separate from smaller units like the hardware-maker Nest or "moonshot" factory Google X, which will be set up as their own companies under Alphabet as well.

Each division will have its own CEO, and Larry Page will be CEO of Alphabet.

Alphabet will report its third-quarter earnings the old Google way, but when it reports its fourth-quarter earnings in January 2016, it will likely report two segments: Google and all the other Alphabet businesses taken as a whole.

Here's the full statement:

Google Inc. announced today that, pursuant to its previously announced plans to create a new public holding company, Alphabet Inc. ("Alphabet"), by implementing a holding company reorganization (the "Alphabet Merger"), it expects that the Alphabet Merger will close after the close of business on October 2, 2015. Google anticipates that shares of Google Class C Capital Stock and shares of Google Class A Common Stock will begin trading as Alphabet Class C Capital Stock and Alphabet Class A Common Stock, respectively, on the NASDAQ Global Select Market on October 5, 2015. Shares of Alphabet Class C Capital Stock and shares of Alphabet Class A Common Stock will continue to be traded under the same ticker symbols under GOOG and GOOGL, respectively.